The UK is set to become the largest luxury goods market in Europe within four years, new research suggests.
Data released by the retail research agency Conlumino reveal at present Britain is the third largest market, trailing Italy and France.
But that’s all set to change by 2018, when the UK is expected to have taken the top spot, with a 19.6 per cent share of sales.
Conlumino believes that the UK’s “strengthening” economy and booming tourist trade account for the sheer volume of luxury goods flying off the shelves.
The world’s richest citizens are making their homes in suburbs such as Mayfair and Chelsea, while the international popularity of events such as Ascot and Wimbledon continues to draw in visitors from across the globe.
Maureen Hinton, group research director, said: “Over recent years, London’s status as a global luxury destination has increased.
“More and more luxury brands have opened flagship stores, and property companies and developers have transformed areas such as Bond Street and Regent Street, making them far more attractive to global brands.”
Across Europe as a whole, the luxury goods market is expected to hit £96billion before the end of the decade.